Crypto News- During Monday’s Innovate Finance Global Summit, Economic Secretary Bim Afolami unveiled the UK government’s ambitious timeline for crypto regulation. Afolami declared, “We are now working at pace to deliver the legislation to put our final proposals for our regime in place.” He emphasized that once implemented, a wide array of crypto activities, including exchange operations and custody services, would fall under regulatory oversight for the first time.
UK Government Plans Crypto Regulation Rollout by July, Minister Confirms
The groundwork for this regulatory push was laid in 2023 with the passage of a landmark financial markets bill, signaling the UK’s commitment to treating stablecoins and crypto activities as regulated financial endeavors. Both the Financial Conduct Authority and the Bank of England had previously solicited feedback on establishing a stablecoin framework, with the BoE slated to supervise systemically impactful stablecoin providers while the FCA would oversee the broader crypto landscape.
Afolami had hinted at forthcoming secondary stablecoin legislation in February, expressing the government’s determination to finalize it within six months.
UK’s Crypto Ambitions Hang in the Balance: Conservative Government’s Agenda Faces Election Uncertainty
The UK’s Conservative Party-led government has made clear its aspirations to position the country as a crypto hub, seeking input on regulatory frameworks to achieve this goal. However, with a looming election, there’s uncertainty about whether the Conservative party will retain power, potentially jeopardizing the execution of these plans. As the Labour party emerges as the frontrunner, time may be running out for the Conservative party to enact its crypto agenda.
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